Japan Updates CRS Technical FAQs

The National Tax Agency of Japan issued an updated version of its "Reporting System for Automatic Exchange of Financial Account Information on Nonresidents (Provision of Reporting Matter)" FAQs which provides Japanese FIs with technical descriptions and specifications for reporting under CRS. The updated FAQs expand on details of advance preparation setup for CRS Returns, and provides more information on correcting submitted returns and reporting undocumented accounts. Additionally, the FAQs established rules for creating the MessageRefld and the DocRefID.

Please be advised that these FAQs are different from the Guidance FAQs, which were updated in late September.